Gold futures edges higher; trades marginally below Rs 30,000

Gold futures reversed yesterday's loss and recovered in today's trade as some buying was seen as prices dipped below Rs 30,000.

International gold inched down to trade at $1,665 an ounce. Investors preferred to remain on the sidelines ahead of US jobs data which could decide the direction of the precious metal.

MCX gold rose ahead of US jobs data, while gold futures for February contract was seen trading at Rs 29, 930 per 10 grams, higher by Rs 59 at 1.55 pm IST.

Fall in gold prices can cheer many of the gold buyers because of upcoming marriage season, but can upset gold futures investors who are long on the commodity.

As on February 1, gold prices for 99.9% in major cities were prevailing around Rs 30,700 in Mumbai, Rs 30,315 in Ahmadabad, Chennai spot gold was seen at Rs 30,740 per 10 grams and Delhi spot gold was seen highest at Rs 30,770 per 10 grams.

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